Oil Prices Fall as Middle East Conflict Enters Fourth Week

Crude oil prices fell sharply on Friday, as the ongoing conflict in the Middle East entered its fourth week.

Brent crude futures declined by 3% to $105.43 per barrel, while US crude dropped 2.2% to $94 per barrel.

The fall came after Israeli Prime Minister Benjamin Netanyahu stated that Iran was being “decimated” and suggested the war could end sooner than expected.

Global Efforts to Stabilize Oil Supply

Leading European nations and Japan have offered to help secure safe passage for ships through the Strait of Hormuz. The United States also outlined measures to boost oil supply amid rising prices.

Despite the recent drop, crude prices remain well above pre-war levels, having surged over 40% this month due to the conflict.

Natural Gas Prices Surge

Natural gas prices have also spiked sharply, particularly in Europe, where prices rose as much as 35% on Thursday.

The surge comes after Iranian and Israeli strikes targeted critical gas infrastructure in the Middle East, further pressuring energy markets worldwide.